Is The Bitcoin Trump Pump Sustainable?

Institutional Crypto Research Written by Experts

Author

Markus Thielen
July 01, 2024

👇1-10) In our June 25 report, ‘Bitcoin Is Holding The Line – For Line!‘, we wrote that “Bitcoin is deeply oversold,” and technically, all three reversal indicators flipped to bullish shortly after. The Ethereum ETF approval has been pushed out to around July 8, pushing out the date to ‘sell the news’ while Biden’s performance during the presidential debate has also supported Bitcoin.

Bitcoin’s RSI (relative strength index) - a temporary rebound?

👇2-10) Bitcoin has rallied +4% as US President Biden refuses to let other Democratic candidates run against former President Trump. Biden’s family is reportedly supporting his reelection candidacy – and so is every Republican, as the prospect of Biden beating Trump in the November election appears small.

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👇3-10) Polls also indicate that even if Biden drops out of the race soon, another candidate, such as California governor Gavin Newson, would lose against Trump. Under his watch, California has become a mismanaged state. Many tech companies have been leaving the Golden State; crime has become rampant, while the homeless population has exploded. California is no longer the state America looks up to, making it unlikely that the US voters will elect a candidate from that state.

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